$PEGA
PEGASYSTEMS INC

2017 Q4 Form 10-Q Financial Statement

#000119312517337254 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $239.5M $191.0M $182.8M
YoY Change 20.0% 4.46% 12.56%
Cost Of Revenue $74.00M $69.73M $60.44M
YoY Change 18.97% 15.38% 9.01%
Gross Profit $180.6M $121.2M $122.4M
YoY Change 31.46% -0.93% 14.4%
Gross Profit Margin 75.41% 63.48% 66.94%
Selling, General & Admin $95.10M $82.50M $78.76M
YoY Change 10.84% 4.75% 24.58%
% of Gross Profit 52.65% 68.05% 64.36%
Research & Development $41.80M $41.03M $38.04M
YoY Change 12.97% 7.87% 15.15%
% of Gross Profit 23.14% 33.85% 31.08%
Depreciation & Amortization $6.000M $6.300M $6.200M
YoY Change -3.23% 1.61% -1.59%
% of Gross Profit 3.32% 5.2% 5.07%
Operating Expenses $142.1M $123.5M $116.9M
YoY Change 13.95% 5.7% 21.42%
Operating Profit $38.52M -$2.301M $5.498M
YoY Change 227.09% -141.85% -48.67%
Interest Expense $800.0K -$4.900M $1.300M
YoY Change -38.46% -476.92% -1400.0%
% of Operating Profit 2.08% 23.64%
Other Income/Expense, Net -$2.000M $0.00 -$1.237M
YoY Change -140.82% -100.0% 273.72%
Pretax Income $18.44M -$7.213M $5.515M
YoY Change 72.37% -230.79% -46.17%
Income Tax $10.90M -$8.501M $2.214M
% Of Pretax Income 59.12% 40.15%
Net Earnings $40.60M $1.288M $3.301M
YoY Change 364.0% -60.98% -47.81%
Net Earnings / Revenue 16.95% 0.67% 1.81%
Basic Earnings Per Share $0.52 $0.01 $0.04
Diluted Earnings Per Share $0.49 $0.01 $0.04
COMMON SHARES
Basic Shares Outstanding 77.86M shares 77.69M shares 76.28M shares
Diluted Shares Outstanding 83.32M shares 79.55M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $223.7M $194.4M $129.7M
YoY Change 67.19% 49.88% -42.1%
Cash & Equivalents $162.3M $130.6M $66.38M
Short-Term Investments $61.50M $63.80M $63.30M
Other Short-Term Assets $41.14M $17.68M $14.32M
YoY Change 237.5% 23.47% 16.32%
Inventory
Prepaid Expenses
Receivables $222.7M $191.2M $208.6M
Other Receivables $0.00 $34.80M $13.60M
Total Short-Term Assets $647.7M $438.1M $378.7M
YoY Change 52.35% 15.69% -3.69%
LONG-TERM ASSETS
Property, Plant & Equipment $40.36M $39.85M $39.34M
YoY Change 5.43% 1.29% 23.6%
Goodwill $72.95M $72.94M $73.87M
YoY Change -0.29% -1.26% 57.79%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $131.4M $5.982M $3.755M
YoY Change 3193.01% 59.31% 1.08%
Total Long-Term Assets $365.1M $227.0M $218.3M
YoY Change 59.05% 3.96% 14.45%
TOTAL ASSETS
Total Short-Term Assets $647.7M $438.1M $378.7M
Total Long-Term Assets $365.1M $227.0M $218.3M
Total Assets $1.013B $665.1M $597.0M
YoY Change 54.7% 11.4% 2.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.37M $12.54M $8.824M
YoY Change 20.51% 42.06% 15.85%
Accrued Expenses $45.51M $39.68M $36.37M
YoY Change 23.83% 9.1% -6.86%
Deferred Revenue $165.9M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $294.8M $267.0M $237.7M
YoY Change 2.54% 12.32% 6.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $23.65M $15.45M $16.37M
YoY Change 47.43% -5.64% 0.15%
Total Long-Term Liabilities $23.65M $15.45M $16.37M
YoY Change 47.43% -5.64% 0.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $294.8M $267.0M $237.7M
Total Long-Term Liabilities $23.65M $15.45M $16.37M
Total Liabilities $356.9M $293.4M $269.6M
YoY Change 11.96% 8.83% -3.34%
SHAREHOLDERS EQUITY
Retained Earnings $509.7M $228.0M $188.4M
YoY Change 157.01% 21.01% 16.63%
Common Stock $152.9M $147.5M $143.8M
YoY Change 5.67% 2.59% -1.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $655.9M $371.7M $327.4M
YoY Change
Total Liabilities & Shareholders Equity $1.013B $665.1M $597.0M
YoY Change 54.7% 11.4% 2.24%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $40.60M $1.288M $3.301M
YoY Change 364.0% -60.98% -47.81%
Depreciation, Depletion And Amortization $6.000M $6.300M $6.200M
YoY Change -3.23% 1.61% -1.59%
Cash From Operating Activities $44.30M $28.10M $9.000M
YoY Change 129.53% 212.22% -41.94%
INVESTING ACTIVITIES
Capital Expenditures -$4.600M -$4.100M -$3.800M
YoY Change 21.05% 7.89% 40.74%
Acquisitions
YoY Change
Other Investing Activities $1.900M -$6.800M $8.800M
YoY Change -480.0% -177.27% -140.18%
Cash From Investing Activities -$2.800M -$10.80M $5.000M
YoY Change -34.88% -316.0% -120.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.20M -9.100M -11.30M
YoY Change 17.24% -19.47% -9.6%
NET CHANGE
Cash From Operating Activities 44.30M 28.10M 9.000M
Cash From Investing Activities -2.800M -10.80M 5.000M
Cash From Financing Activities -10.20M -9.100M -11.30M
Net Change In Cash 31.30M 8.200M 2.700M
YoY Change 396.83% 203.7% -112.56%
FREE CASH FLOW
Cash From Operating Activities $44.30M $28.10M $9.000M
Capital Expenditures -$4.600M -$4.100M -$3.800M
Free Cash Flow $48.90M $32.20M $12.80M
YoY Change 111.69% 151.56% -29.67%

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us-gaap Earnings Per Share Diluted
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79401000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76323000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3078000 shares
us-gaap Common Stock Dividends Per Share Declared
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments For Repurchase Of Common Stock
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25750000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
49113000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
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us-gaap Investment Income Net
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
2764000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
8917000
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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us-gaap Derivative Gain Loss On Derivative Net
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-2191000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
22614000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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168000
us-gaap Operating Income Loss
OperatingIncomeLoss
25983000
us-gaap Net Income Loss
NetIncomeLoss
18237000
us-gaap Maintenance Revenue
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163174000
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us-gaap Increase Decrease In Accounts Receivable
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-3940000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
17005000
us-gaap Technology Services Revenue
TechnologyServicesRevenue
179633000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10398000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6883000
us-gaap Licenses Revenue
LicensesRevenue
207849000
us-gaap Gross Profit
GrossProfit
373609000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-153000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4891000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1232000
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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-1581000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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24506000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2841000
us-gaap Depreciation Depletion And Amortization
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1309000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap License Costs
LicenseCosts
3646000
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2859000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
62283000
us-gaap Share Based Compensation
ShareBasedCompensation
30634000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2903000
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-17698000
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SellingAndMarketingExpense
202126000
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154512000
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GeneralAndAdministrativeExpense
34067000
us-gaap Maintenance Costs
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18889000
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NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-43031000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
108530000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10168000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-26643000
us-gaap Cost Of Revenue
CostOfRevenue
177047000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-16678000
us-gaap Operating Expenses
OperatingExpenses
347626000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
21838000
pega Revenue Percentage
RevenuePercentage
1.00 pure
CY2016 pega Fair Value Measurements Transfers Between Level One And Level Two
FairValueMeasurementsTransfersBetweenLevelOneAndLevelTwo
0
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
296000 shares
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79548000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76278000 shares
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3270000 shares
CY2016Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.03
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
182802000
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-169000
CY2016Q3 us-gaap Investment Income Net
InvestmentIncomeNet
172000
CY2016Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1082000
CY2016Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3227000
CY2016Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-1237000
CY2016Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-155000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-174000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
5498000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
3301000
CY2016Q3 us-gaap Maintenance Revenue
MaintenanceRevenue
55038000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2958000
CY2016Q3 us-gaap Technology Services Revenue
TechnologyServicesRevenue
58931000
CY2016Q3 us-gaap Licenses Revenue
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68833000
CY2016Q3 us-gaap Gross Profit
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122365000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1237000
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-343000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5515000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2214000
CY2016Q3 us-gaap License Costs
LicenseCosts
1313000
CY2016Q3 us-gaap Share Based Compensation
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10818000
CY2016Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
74000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
67032000
CY2016Q3 us-gaap Technology Services Costs
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52465000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11725000
CY2016Q3 us-gaap Maintenance Costs
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6659000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
38036000
CY2016Q3 us-gaap Amortization Of Intangible Assets
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3599000
CY2016Q3 us-gaap Cost Of Revenue
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60437000
CY2016Q3 us-gaap Operating Expenses
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CY2016Q3 pega Revenue Percentage
RevenuePercentage
1.00 pure
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7232000 shares
CY2017Q3 us-gaap Earnings Per Share Diluted
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CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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77691000 shares
CY2017Q3 us-gaap Common Stock Dividends Per Share Declared
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0.03
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549000
CY2017Q3 us-gaap Investment Income Net
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144000
CY2017Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2017Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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4129000
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1.00 pure
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22000
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CY2017Q3 us-gaap Net Income Loss
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-1812000
CY2017Q3 us-gaap Maintenance Revenue
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ComprehensiveIncomeNetOfTax
-1241000
CY2017Q3 us-gaap Technology Services Revenue
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75818000
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41793000
CY2017Q3 us-gaap Gross Profit
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110084000
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571000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-14697000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2017Q3 us-gaap License Costs
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CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
13489000
CY2017Q3 us-gaap Selling And Marketing Expense
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70209000
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61739000
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13133000
CY2017Q3 us-gaap Maintenance Costs
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6716000
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
41031000
CY2017Q3 us-gaap Amortization Of Intangible Assets
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3105000
CY2017Q3 us-gaap Cost Of Revenue
CostOfRevenue
69731000

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